Motorpoint: use finance to fund your next car

A RECENT poll by one of the UK's biggest car supermarkets revealed over half of motorists plan to use finance to fund the cost of their next car despite the credit crunch.

Motorpoint, who conducted the survey, has seen demand for its Boomerang financial product reach record levels.

Sales are up 6 per cent for the first half of 2008 as an increasing number of customers use it to fund the purchase of one of over 3,000 new or nearly new cars in stock.

Launched in partnership with Blackhorse Motor Finance (part of the Lloyds TSB Group), Boomerang is a modern way to finance the purchase of a vehicle.

The innovative finance plan combines a low deposit with low monthly payments backed by a Guaranteed Minimum Future Value, avoiding any potential nasty surprises at the end of the term. The latter is particularly important at the moment given the continued fall in used car prices.

Easy to understand and even easier to arrange, Boomerang has enabled thousands of motorists to drive a car their budget wouldn't ordinarily allow.

Based on a Personal Contract Purchase (PCP) plan, it lets the customer enjoy the best two or three years of a car's life thanks to the extremely competitive rates on offer. Motorpoint will also make a £300 contribution towards the deposit.

This is backed by complimentary motor insurance products such as extended warranty and vehicle replacement protection to ensure worry-free motoring.

At the end of the Boomerang term, the customer has three options; exchange the car for a new one with Boomerang, settle the Guaranteed Minimum Future Value and buy the car outright or hand it back with nothing more to pay, subject to mileage and conditions.

In addition, unlike many franchised dealerships, Motorpoint will happily accept any vehicle as part-exchange for a new or nearly new model.

Prospective customers can receive an obligation-free valuation of their car by visiting the Motorpoint site on the Meadows Industrial Estate, and speaking to one the sales staff.

David Shelton, managing director of Motorpoint, said: "With so many different finance products on the market, all offering differing terms and conditions, it is easy to see why customers get confused.

"Boomerang brings this confusion to an end, providing customers with a simple to follow structured payment plan, backed by complimentary insurance products to ensure total worry-free motoring, and of course, a Guaranteed Minimum Future Value.

"You won't be surprised to hear, given products like Boomerang, that Motorpoint is on target to sell a record-breaking 35,000 cars this year."

For customers that prefer a more traditional approach to vehicle finance, such as hire purchase, Motorpoint continues to provide that option.

A team of dedicated finance specialists are available seven days a week, in person and over the phone, to discuss all of the options available in the strictest confidence.

Motorpoint was launched a decade ago with one guiding principle – to transform the way in which people buy cars in Britain.

The creation of Boomerang has enabled the company to do just that, providing hundreds of thousands of customers with the means to drive a vehicle that their budget wouldn't ordinarily allow.

For more information on Boomerang, or any of Motorpoint's other services, call 0845 4132 100 or visit www.motorpoint.co.uk.